Venture Concept No.2

29A-Venture Concept No.2

Reflection

             Overall my feedback was positive towards the content of my venture concept but negative on the organization of it. Therefore, I added in groupings to allow the reader to understand each concept more fluidly as my peers suggested. Like I said content remained the same.

Opportunity

            The opportunity I am taking advantage of is one that almost any faculty member or student with a vehicle at the University of Florida faces; parking. Whether it be car parking or scooter/motorcycle parking there seems to never be enough parking when you need it most. My product would target already built garages for cars on campus, adding on the monitor system that indicates what floors are available, how many spots available on each floor if any, and once on that floor what spots in each row are available. As for the smaller vehicles such as scooters and motorcycles, the already allotted space indicated for them would be the introduction of the mini high-tech garage. This garage is just like that of a car garage but fits in any location allotted for scooter and motorcycles. There would be less floors I this mini garage for more scooters can fit on one floor in comparison to cars. This product of high-tech garages can function for any area that has multilevel garages to maintain an easy flow of traffic. However, the high-tech mini garages would be for mostly college campuses, or any location that has a high density of scooter/motorcycles in the area.

            There is currently no other alternative to finding better parking, it’s the fact that the University provides more or they don’t. What students do is either get to school very early despite their class schedule to get a parking spot, or when need be not use their motorized vehicle/ car at all. Many have turned to the bus systems to not worry about parking, however, this takes away the luxury of going with your own schedule of time for buses only come every 15-20 minutes, and that is if they are running on time. Since this issue is so widespread on campus, the university incorporating this high-tech system to both car garages and building on pre-existing land for mini-garages, would overall create a better, safer, happier campus. The window of opportunity for this product will be open as long as the University keeps selling unlimited amounts of decals with limited amount of spaces on campus. From what I can see parking will always remain an issue, for the surplus number of students and faculty with vehicles is already a large population and is growing constantly.

Innovation

            My product is very flexible and customizable. I can either build a whole garage with the high-tech system incorporated or just have a portion of the high-tech system installed. If they already have a pre-existing garage I can add in the high-tech system. If built from scratch, square footage and how many floors in the garage are decided by the buyer. They can also decide if they want the whole high-tech package which includes the monitors on each floor indicating to the consumer what floors are available and how many spaces are on each if there are any, along with the light system built into each row indicating what spaces in each row are available; green indicating open and red indicating full. The other option for a buyer would be to not include the light system, but it is advised to customers to have all of the features incorporated into the high-tech garage for the utmost amount of efficiency in traffic flow and patterns. Prices range if a garage is built from scratch is from 9-12.5 million dollars for a car garage; for the mini garage it would range from 1-2 million. If a garage already exists then the price would be around 500,000-1 million depending on the floor amount and square footage of the garage. The price fluctuates based on the package the buyer chooses.

Venture Concept

            My product would provide an easier way for consumers to find car parking and help with time management on whether or not to waste time looking for a sport in a garage that lets say has not spots available. My mini garage idea would improve the entirety of the scooter/motorcycle parking fiasco. These garages would provide more parking spaces in areas of high traffic and also provide more space for a scooter. Most often than not if you are lucky enough to find a parking space it’s in such a tight knit area that your scooter gets damaged, which means your investment gets damaged. This tight knit area can result into three things, your scooter getting broken, a scooter burn or a ticket from the parking services for your scooter being too close to the line. There really is no winning, and when you see people getting excited over finding a spot with space that’s when you know that parking is an issue.

            My product is something that if the University provides would be used automatically by students and faculty because they need to park, but it would just benefit them and they will have an overall better experience with parking on campus. As of now, there don’t seem to be competitors for the product is not trailed geographically around my area, so I know that if I were to bring it to Gainesville it would be new and useful. I plan on being the most reliable entrepreneur, if there is an issue with the systems or the product in any way we will be there to fix it within the day. The reputation I have with customers and buyers will just make my product and company grow. This venture would incorporate multiple aspects, one being construction and the other engineering and technology. On the construction side of things, I would have contracted a company for the building and on average that would incorporate 15-30 men depending on the size of the garage. On the technical side of things, I believe a group of 3-5 can come up with a very easy installment process and glitch free monitor and light system. Together they will create a very clean looking reliable parking system.

3 Minor Elements

1.     I believe what sets my company/product apart is the idea that the buyer is the judge of what his product will look like and what his product will cost. I nor anyone in my company will be the judge of these things which gives the buyer freedom to do as he pleases. Many companies are an all or nothing type of deal, but In my eyes and my companies any business is good business no matter how much of my product they end up incorporating.

2.     I believe the next step forward would be to incorporate an app that syncs with the monitors to let the customer know in advance what garages are worth visiting in the area without even having to drive and check if there is space.

3.     I want my product to be in major parking garages across the world. Starting off in big cities would be helpful I areas such as arenas, hotels and convention centers. I believe anybody can copy the product, but not everyone can copy my morals and drive for the company and making it better. There is no other me in the world of entrepreneurship so that’s what is always going to set my product a part. With my connections and dedication people are going to want my product because they are going to work with me and have me as a business partner.